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The Changing Structure of American Innovation: Some Cautionary Remarks for Economic Growth

Ashish Arora, Sharon Belenzon, Andrea Patacconi, Jungkyu Suh


This chapter is a preliminary draft unless otherwise noted. It may not have been subjected to the formal review process of the NBER. This page will be updated as the chapter is revised.

Chapter in forthcoming NBER book Innovation Policy and the Economy, Volume 20, Josh Lerner and Scott Stern, editors
Conference held April 16, 2019
Forthcoming from University of Chicago Press
in NBER Book Series Innovation Policy and the Economy

A defining feature of modern economic growth is the systematic application of science to advance technology. However, despite sustained progress in scientific knowledge, recent productivity growth in the U.S. has been disappointing. We review major changes in the American innovation ecosystem over the past century. The past three decades have been marked by a growing division of labor between universities focusing on research and large corporations focusing on development. Knowledge produced by universities is not often in a form that can be readily digested and turned into new goods and services. Small firms and university technology transfer offices cannot fully substitute for corporate research, which had integrated multiple disciplines at the scale required to solve significant technical problems. Therefore, whereas the division of innovative labor may have raised the volume of science by universities, it has also slowed, at least for a period of time, the transformation of that knowledge into novel products and processes.

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This chapter first appeared as NBER working paper w25893, The Changing Structure of American Innovation: Some Cautionary Remarks for Economic Growth, Ashish Arora, Sharon Belenzon, Andrea Patacconi, Jungkyu Suh
 
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